Goldman Sachs Closes on 1 Flatbush Avenue Buy With $57M Loan
By Cathy Cunningham June 16, 2020 9:00 am
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Meadow Partners and Slate Property Group have officially sold 1 Flatbush Avenue‘s residential component to Goldman Sachs (GS), Commercial Observer has learned.
USAA Real Estate provided $57 million in acquisition financing in the deal.
The purchase price couldn’t immediately be ascertained, but The Real Deal reported last month that Goldman Sachs was in contract to buy the 19-story asset for roughly $100 million.
Cushman & Wakefield (CWK)’s Gideon Gil, Alex Lapidus and Maya Steinberger negotiated the debt on behalf of Goldman, while C&W’s Adam Spies, Adam Doneger, Dan OBrien and Avery Silverstein represented Meadow Partners and Slate Property Group in the deal.
“USAA Real Estate had conviction about the caliber of this new property and the institutional sponsorship. Their unwavering commitment during a difficult period in the capital markets ensured a timely execution for our Client,” Gil said in prepared remarks. “USAA Real Estate provided a custom debt solution that was perfect for this acquisition.”
Developed in 2018, 1 Flatbush Avenue includes 183 residential units and 25,000 square feet of retail space. The building’s amenity package includes a state-of-the-art fitness center with a yoga studio, resident lounge and landscaped roof deck.
Elsewhere in Brooklyn, Goldman Sachs is said to be a capital partner in Silverstein Capital Partner’s recent purchase of the senior construction loan on Hudson Companies’ 1 Clinton Street, as first reported by CO.
